Broad Equity Market Tone:
- Advance/Decline Line: Modestly Higher
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 11.30 -2.84%
- Euro/Yen Carry Return Index 127.15 +.07%
- Emerging Markets Currency Volatility(VXY) 9.05 -2.27%
- S&P 500 Implied Correlation 44.90 -3.79%
- ISE Sentiment Index 109.0 +6.86%
- Total Put/Call .84 +20.0%
- NYSE Arms 1.12 -5.4%
Credit Investor Angst:
- North American Investment Grade CDS Index 62.03 -2.01%
- America Energy Sector High-Yield CDS Index 386.0 -.37%
- European Financial Sector CDS Index 85.62 -2.50%
- Western Europe Sovereign Debt CDS Index 14.23 +.57%
- Asia Pacific Sovereign Debt CDS Index 26.31 -3.47%
- Emerging Market CDS Index 207.86 -1.28%
- iBoxx Offshore RMB China Corporate High Yield Index 135.98 -.13%
- 2-Year Swap Spread 33.0 -.75 basis point
- TED Spread 42.75 +5.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -26.5 +.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 71.99 +.53%
- 3-Month T-Bill Yield .73% unch.
- Yield Curve 120.0 unch.
- China Import Iron Ore Spot $92.61/Metric Tonne +1.85%
- Citi US Economic Surprise Index 57.60 -.3 point
- Citi Eurozone Economic Surprise Index 48.90 -.8 point
- Citi Emerging Markets Economic Surprise Index 51.60 -.5 point
- 10-Year TIPS Spread 2.03 +2.0 basis points
- 53.5% chance of Fed rate hike at May 3 meeting, 60.2% chance at July 26 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -155 open in Japan
- China A50 Futures: Indicating -3 open in China
- DAX Futures: Indicating -9 open in Germany
Portfolio:
- Slightly Lower: On losses in my in my biotech/medical sector longs and emerging markets shorts
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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